Thousands of new homes to go up across Victoria and Queensland as new developments are approved.
Auctions galore also hit Sydney, with several properties sold under the hammer.
A century-old office building in Melbourne was fully leased, and a Queensland industrial site was sold for $17 million.
The new 28.2-hectare project is located in the Pakenham East Precinct Structure Plan (PSP) and Pakenham South Employment PSP.
The project will include circa 530 lots and is just 10 minutes from the Pakenham township and 70 kilometres southeast of Melbourne.
“We are thrilled to add Pakenham East to our portfolio. This move aligns perfectly with our vision of providing innovative solutions to address the housing shortage in the region and delivering options for buyers who have been longing to invest in the Pakenham corridor,” said SIG Group CEO, Hugh Lu.
Four property developers will simultaneously commence works to unlock an initial 2,000 parcels of land in one of South East Queensland’s largest future communities.
Approvals for the first housing developments by AVID Property Group (AVID), Baycrown Property Group, Lennium Group and Orchard Property Group were granted by the City of Moreton Bay on Friday 25 August.
The four new residential communities will feature a mix of affordable land lots, turnkey homes and house and land packages, on blocks typically ranging from 300 sqm to 600 sqm.
Developers will commence construction on initial water and sewer infrastructure, new roads and intersections from mid-October 2023.
At the same time, they will also undertake subdivision works to create the first registered blocks of land which will be available for purchase from later this year and are expected to be completed by October 2024.
The century-old Melbourne office building hit the new milestone 12 months after a relaunch and major refurbishment.
Located at 351 Elizabeth Street, the former ANZ bank building was originally designed in 1926, with the building owner, T Corp Group, purchasing the property in 2000 and rebranding it Atelier Exchange.
The six-level building offered a double ceiling height ground floor tenancy, and the upper floors have outdoor terraces.
JLL Melbourne Leasing’s Alex Harper and Sam Friend said the building is an example of how niche marketing and a quality makeover can make a 100-year-old building relevant in today’s market.
“This has had a positive effect on rentals that averaged over $600 sqm net combined with fair incentives,” said Friend.
He added that the 18-month total refurbishment of the art deco building, combined with its central location and access to public transport, was very attractive to its key markets.
JLL Melbourne leased the 1,527 sqm of office space and the F45 tenancy while conjunctional agency Teska Carson assisted Cushman & Wakefield in the 267 sqm ground floor retail deal.
Colliers Queensland has transacted a $17.028 million sale of a 28,380 sqm industrial site in Wacol on behalf of MADAD Investments.
Agents Charlie Hopper and David Brisk secured the deal, at 24 Industrial Avenue, Wacol, selling to a local owner-occupier future-proofing their operations.
“Continued demand for land and hardstand has driven record-breaking sales and leasing transactions through the western corridor over 2023, with 7.5 hectares settled in the last two months alone,” said Hopper.
The recently cleared site, which was previously occupied by Alliance Paper attracted the attention of the buyer due to its strong income and future ability to occupy.
“This is a key transaction for the market which reflects a $600/sqm unimproved land rate and further positively resets land values for the western corridor,” Hopper added.
A premium mixed-use investment at 168-172 Merrylands Road has been sold at auction for $4.505 million. The event saw three bidders exchange 19 bids for the property and was sold by the Colliers team of Harry Bui and Andrew Bui.
The property is 100% leased, with tenants including a restaurant, bakery, travel agency, and beauty clinic.
Harry and Andrew Bui also sold the Cabramatta block of eight apartments in one line for $2.65 million.
Situated on a 966 sqm block, the property is just 300 metres from the Cabramatta train station, fully leased, and has an estimated fully leased income of $145,600 per annum.
The 10 Oxford Road property attracted four bidders and saw 17 bids exchanged.
The property has a net income of approximately $139,687, with MU1 Mixed-Use zoning and a proposed 28 metre height limit. The Colliers team of Joe Sacco, Nick Estephen and Thomas Mosca completed the sale.
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